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California REALTORS® hail defeat of SB 364

C.A.R. is hailing the defeat of Senate Bill (SB) 364 (Leno) in the State Legislature. The bill would have eliminated property rights protections for owners of rental property and significantly discouraged efforts to create new rental housing in the city and county of San Francisco. 

“SB 364 was an unreasonable and unjustified attack on property owners that need or want to take a rental property off the market,” C.A.R. President Chris Kutzkey said. “Discouraging investment in housing is bad policy, and SB 364 would have caused harmful unintended consequences. San Francisco already has the most protective, and the most expensive eviction rules in the state.”

In 1985, C.A.R. successfully sponsored the Ellis Act, preventing local governments from restricting the ability of rental property owners to remove a rental property from the market. SB 364 would have allowed San Francisco to prevent property owners from taking rental units off the market, unless every owner of that property has owned the property for at least five consecutive years. This effectively forces property owners to remain in the rental housing business even if they are losing money or simply wish to occupy their own property.

Source: C.A.R.

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Guest Saturday, 19 October 2019